Van ECK Associates Corp Sells 117,864 Shares of Gentex Corporation $GNTX

Key Points

• Van ECK Associates reduced its Gentex stake by 38.2% in the second quarter, selling 117,864 shares and retaining 190,941 shares valued at approximately $4.83 million. Institutional investors collectively own 86.76% of GNTX.
• Gentex reported quarterly EPS of $0.58, beating estimates by $0.08, while revenue of $651.3 million fell short of expectations and declined 1% year over year. Analysts forecast full-year EPS of $2.07.
• Gentex declared a quarterly dividend of $0.12 per share, equivalent to an annualized $0.48 payout and a 2.1% yield. Wall Street maintains a consensus “Hold” rating, with an average price target of $26.80 versus the stock’s $22.86 opening price.

Van ECK Associates Corp reduced its stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 38.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 190,941 shares of the auto parts company's stock after selling 117,864 shares during the quarter. Van ECK Associates Corp owned approximately 0.09% of Gentex worth $4,825,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in GNTX. Clearstead Advisors LLC grew its position in shares of Gentex by 21.4% in the 4th quarter. Clearstead Advisors LLC now owns 2,479 shares of the auto parts company's stock worth $58,000 after buying an additional 437 shares during the last quarter. Gagnon Securities LLC lifted its position in Gentex by 0.8% during the fourth quarter. Gagnon Securities LLC now owns 55,672 shares of the auto parts company's stock valued at $1,295,000 after acquiring an additional 458 shares during the last quarter. Crumly & Associates Inc. grew its holdings in Gentex by 3.7% in the second quarter. Crumly & Associates Inc. now owns 13,291 shares of the auto parts company's stock worth $336,000 after purchasing an additional 478 shares during the last quarter. First Citizens Bank & Trust Co. grew its holdings in Gentex by 1.6% in the first quarter. First Citizens Bank & Trust Co. now owns 30,294 shares of the auto parts company's stock worth $662,000 after purchasing an additional 487 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Gentex by 0.3% during the first quarter. Sei Investments Co. now owns 196,776 shares of the auto parts company's stock worth $4,300,000 after purchasing an additional 521 shares in the last quarter. 86.76% of the stock is currently owned by institutional investors.

Gentex Stock Up 3.3%

Shares of GNTX opened at $22.86 on Thursday. Gentex Corporation has a 52-week low of $20.48 and a 52-week high of $29.38. The stock has a market cap of $4.87 billion, a PE ratio of 12.10 and a beta of 0.80. The firm's fifty day moving average is $23.87 and its two-hundred day moving average is $23.43.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its earnings results on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.08. The business had revenue of $651.30 million during the quarter, compared to analysts' expectations of $669.65 million. Gentex had a net margin of 15.50% and a return on equity of 16.78%. The company's quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.43 earnings per share. As a group, research analysts anticipate that Gentex Corporation will post 2.07 earnings per share for the current year.

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Wednesday, October 7th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, October 7th. Gentex's payout ratio is currently 25.40%.

Wall Street Analysts Forecast Growth

GNTX has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. JPMorgan Chase & Co. lowered their price target on shares of Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a report on Monday, August 10th. Weiss Ratings raised Gentex from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. UBS Group reaffirmed a "neutral" rating and set a $25.00 target price (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. Finally, Freedom Capital lowered Gentex from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $26.80.

Gentex Company Profile

Gentex Corporation NASDAQ: GNTX is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company's primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world's leading original equipment manufacturers (OEMs).

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